Nigel Evans – 2015 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Nigel Evans on 2015-02-10.

To ask the Secretary of State for Work and Pensions, what plans his Department has to increase the Pension Protection Fund payment cap.

Steve Webb

The Pensions Act 2014 provides for an increase to the Pension Protection Fund compensation cap of 3 per cent for each year of pensionable service above 20 years, to a maximum of double the standard cap. Changes are needed to secondary legislation before the primary legislation comes into force and we are currently aiming for this work to be completed by Autumn this year.